Following a lot of backlash from members of its community regarding the proposed ICO launch of Lyra on October 15, the GRAFT team has stepped forward to clarify the reasons behind its actions.

It appears the project’s community members are largely against the launch of Lyra at this time. A Twitter user responding to a tweet of the supposed ICO said:

Please [to] listen your community! I supported you since 2018 but I think RTA mainnet and MVP are more important than Lyra! One step before the other!

The team cited two core reasons influencing its decision to launch an ICO ahead of other core projects such as the GRAFT MVP and RTA mining. The two main reasons are the current state of the crypto “market” and the need for extra “funding”.

According to the team, the crypto market is in an accumulation phase and people are reluctant to spend their digital assets. One of the ways to ensure the success of GRAFT network is to attract merchants who may be interested in adopting new payment options. This trend has fueled the team’s decision to fast-track the launching of Lyra.

The best way we can think of is by having merchants themselves, as well as other big players like governments and corporations, be able to issue their own digital currencies/tokens that are compatible with the point of sale – something they’ve been thinking about and experimenting with.

Secondly, the team revealed that it has been operating on a very slim budget due to the crypto winter. Lyra ICO will bring in some funds to further the development of the project and GRAFT network.

Lyra is a DAG-style token blockchain that will allow merchants to implement and deploy loyalty programs easily and inexpensively. During the proposed ICO that is expected to run from Oct 15 to Nov 15, 2019, the team is expected to sell 120 million LYPE tokens to the public at a price of $0.10 per token.